债券评级市场向上提升评级行为的理性动力

Rational Incentives for Rating Inflation in Bond Market

中国的债券市场虽然在近几年有一定的发展,但整体上离一个成熟的市场还有很大距离,其中,信用评级更是没有展示出其重要的作用。文章试图通过几个简单的模型说明评级机构向上提升评级行为的理性动力,并且即使在非完全垄断时这样的动力也不会消失。

The bond market of China is still lagging behind compared to developed markets, though it has made great progress in the recent years. Particularly, credit rating does not play its appropriate role that it should. This paper attempts to explain the rational incentives for rating agencies to inflate credit ratings through some simple models, and finds that these incentives still exist even when rating market is not a monopoly one.